Burger King franchisee with 57 locations in Florida and Georgia files for bankruptcy [USA TODAY]
Restaurant Brands International Inc. Common Shares (QSR)
Last restaurant brands international inc. common shares earnings: 5/1 06:30 am
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Source: USA TODAY
of Destin, Florida, which operates 57 Burger King locations, filed for Chapter 11 bankruptcy on April 14 in the U.S. Bankruptcy Court for the Northern District of Florida, according to court documents. Consolidated Burger Holdings' 57 restaurants include locations in Valdosta, Georgia, as well as Florida restaurants in Tallahassee, West Palm Beach and Naples – four of its restaurants are within Walmart stores. The franchisee has faced financial struggles. "Over the past several years, and particularly as a result of the COVID-19 pandemic, the Debtors' business suffered significantly from loss of foot traffic, resulting in declining revenue without proportionate decreases in rental obligations, debt service, and other liabilities," Consolidated Burger says in the filing. Sales have declined and losses have increased over the last two fiscal years, they state in court documents. Consolidated Burger had sales of $67 million and an operating loss of $12.5 million in fiscal year 202
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